Weekly Price Action Trade Ideas – 15th to 19th June 2020

Markets Discussed in This Week’s Trade Ideas: USDCAD, EURGBP, USDSGD and SILVER.

 

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

USDCAD Daily Chart

Price Retracing Into Value

In the last trade ideas price was stalling after the breakout and looking to make another push lower.

After what was a substantial move lower, price found support and has rebounded.

We can now see on the chart below that price is moving back into some value areas.

These areas could be quality areas to watch for potential bearish price action clues for short trigger signals.

Daily Chart

 

EURGBP Daily Chart

Breakout Could be Coming

After seeing a huge sell off in this pair, price found a bottom and has since been rebuilding momentum higher.

Price recently broke through an important resistance level and has repeatedly attempted at breaking the next resistance.

That is where price sits now, once again trying to breakout higher.

If we can get a break higher it paves the wave for the next leg higher and potential long trading opportunities.

Daily Chart

 

USDSGD Daily Chart

Watching the Pullback

After breaking the key support level discussed recently, price has made a large move lower similar to many other USD pairs.

It is now slowly rotating back higher.

If you zoom your daily chart out you will see it is now sitting at an interesting level. 

Other than this level there are not a huge amount of key levels until the breakout level back around 1.4088. That could make this immediate resistance level a key watch in the coming sessions.

Daily Chart

 

SILVER Daily Chart

Price Consolidating in Box

After running higher into the key resistance level, price has since stalled and moved into a sideways box pattern.

This can be seen on both your daily and intraday charts.

Unless looking to play intraday range trades from the box high and low, the best play may be to wait for this congestion to break and then look to trade in the direction of the breakout.

Daily Chart

 

Trade Ideas Note: All views, discussions and posts in the ‘charts in focus trade ideas’ are the view of Forex School Online and are not recommendations or trading advice. All posts are general in nature and are not advice to buy or sell.

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

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